The Wrap 3/1/12

{+++} Today is the new month, so I have started the new P&L for March and carried over any open positions from February. The next level for the S&P to keep your eye on is yesterday’s high at 1378.04. I thought the 1370 would be the level for the start of a pullback, but the market keeps hanging in there. Maybe it just wants to tag that round number at 1400.

The three horsemen of TQQQ, SQQQ and SPXU are the fly in the ointment right now. I know many of you stopped at the original stop, some of you have held. I am still holding the positions and have adjusted stops tonight. I’m pretty long some stocks, so these have become hedges for me like it or not. As we do climb higher, we will certainly get closer to a correction and I will layer in to more of the three soon to get my average price down. No I don’t endorse averaging down on stocks, but 3X ETF’s are different, especially if they are hedges and you are betting on a directional change in the market. Like it or not that’s where I’m at now. It’s not the end of the world,  but more of a feeling of having a sharp pebble in my shoe on a daily basis. If anyone has any questions on these positions please email and I will be happy to explain further.

I sold the balance of RY today and a small piece of CRK. Some patterns still look healthy if not explosive, but by the same token the market is looking exhausted.

We have a fair amount of economic data tomorrow which could be market moving.

I added BP as a long to the list tonight. I am also watching FLR as a long, but I haven’t added it tonight. Please check the P&L for the entry and stop. I have also adjusted other stops.
Hope you had a great day and I will see you on the chat room in the morning.







Previous Post
Next Post
Coal, Just For Stockings Right Now

Recent Articles